09 August 2012 16:04 [Source: ICIS news]
LONDON (ICIS)--An initial European August monoethylene glycol (MEG) contract has been agreed up by €90/tonne at €975/tonne ($1,204/tonne), the seller involved said on Thursday.
The settlement was agreed on a free delivered (FD) northwest Europe (NWE) basis.
"It is a combination of the market in the past few weeks and the current market in Europe and ?xml:namespace>
Spot prices in
European spot bulk prices were reported at €910-950/tonne CIF (cost, insurance and freight), an increase from lows in the €600s/tonne seen in July.
A second producer said earlier in the day that it was holding out for a contract agreement of €1,025/tonne, adding that he was not in a hurry to settle.
One buyer said this week that just above €900/tonne would be appropriate, while another was looking for under €950/tonne.
($1 = €0.81)
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